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Asian Stocks Set to Gain at Open; Treasuries Rise: Markets Wrap
(Bloomberg) -- Asian equities are poised to open higher Tuesday after U.S. stocks hit a record high as investors looked past the potential economic impact of the spreading coronavirus. Treasuries rose.Futures pointed to gains in Australia and Hong Kong. Japanese financial markets are shut for a holiday. The S&P 500 Index climbed to a new high Monday, with most sectors advancing. The Chinese yuan traded offshore extended gains, while the yen was little changed.Investors are trying to figure out whether the rate of contagion from the coronavirus is stabilizing even as the death toll reached 910, higher than the SARS outbreak, and one estimate put the mortality rate from the disease at 1%. Attention turns to corporate earnings, with investors seeking guidance from companies on the expected impact of the virus on their operations. Earnings are due this week from companies such as Alibaba Group Holding Ltd., Credit Suisse Group AG and Nestle SA.Elsewhere, the euro weakened after the region was buffeted by political headlines. German Chancellor Angela Merkel’s succession plan collapsed, and polls put Sinn Fein in place for a possible role in Ireland’s next government, depressing the country’s banking stocks.Oil fell below $50 a barrel to the lowest level in more than a year as prospects for an emergency meeting of OPEC+ withered, raising fears of a supply glut at the same time the coronavirus is weighing on global demand.Here are some key events coming up:Earnings season continues with reports including: MGM Resorts and Cisco Systems on Monday; Softbank on Wednesday; Thursday will bring Alibaba, Nissan, Credit Suisse, Airbus, Nestle and AIG.Federal Reserve Chairman Jerome Powell delivers his semiannual testimony in Congress on Tuesday and Wednesday; ECB President Christine Lagarde speaks at the European Parliament in Strasbourg Tuesday.Thursday sees a gauge of underlying U.S. inflation, the core consumer price index. It is forecast to increase to 0.2% in January, a faster pace than in December.China and the U.S. on Friday lower tariffs on billions of dollars of respective imports as part of the trade deal signed last month.These are the main moves in markets:StocksFutures on the S&P/ASX 200 Index rose 0.6%.Contracts on Hong Kong’s Hang Seng Index rose 0.1% earlier.FTSE China A50 futures gained 0.5%.The S&P 500 Index rose 0.7%.CurrenciesThe yen was at 109.75 per dollar.The offshore yuan strengthened 0.3% to 6.9871 per dollar.The euro dipped 0.3% to $1.0911.BondsThe yield on 10-year Treasuries decreased two basis points to 1.56%.CommoditiesWest Texas Intermediate crude fell 1.4% to $49.62 a barrel.Gold strengthened 0.2% to $1,572.96 an ounce.LME copper dipped 1.3% to $5,663 per metric ton.\--With assistance from Claire Ballentine and Vildana Hajric.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Nicholas ReynoldsFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-set-gain-open-214517439.html?.tsrc=rss
(Bloomberg) -- Asian equities are poised to open higher Tuesday after U.S. stocks hit a record high as investors looked past the potential economic impact of the spreading coronavirus. Treasuries rose.Futures pointed to gains in Australia and Hong Kong. Japanese financial markets are shut for a holiday. The S&P 500 Index climbed to a new high Monday, with most sectors advancing. The Chinese yuan traded offshore extended gains, while the yen was little changed.Investors are trying to figure out whether the rate of contagion from the coronavirus is stabilizing even as the death toll reached 910, higher than the SARS outbreak, and one estimate put the mortality rate from the disease at 1%. Attention turns to corporate earnings, with investors seeking guidance from companies on the expected impact of the virus on their operations. Earnings are due this week from companies such as Alibaba Group Holding Ltd., Credit Suisse Group AG and Nestle SA.Elsewhere, the euro weakened after the region was buffeted by political headlines. German Chancellor Angela Merkel’s succession plan collapsed, and polls put Sinn Fein in place for a possible role in Ireland’s next government, depressing the country’s banking stocks.Oil fell below $50 a barrel to the lowest level in more than a year as prospects for an emergency meeting of OPEC+ withered, raising fears of a supply glut at the same time the coronavirus is weighing on global demand.Here are some key events coming up:Earnings season continues with reports including: MGM Resorts and Cisco Systems on Monday; Softbank on Wednesday; Thursday will bring Alibaba, Nissan, Credit Suisse, Airbus, Nestle and AIG.Federal Reserve Chairman Jerome Powell delivers his semiannual testimony in Congress on Tuesday and Wednesday; ECB President Christine Lagarde speaks at the European Parliament in Strasbourg Tuesday.Thursday sees a gauge of underlying U.S. inflation, the core consumer price index. It is forecast to increase to 0.2% in January, a faster pace than in December.China and the U.S. on Friday lower tariffs on billions of dollars of respective imports as part of the trade deal signed last month.These are the main moves in markets:StocksFutures on the S&P/ASX 200 Index rose 0.6%.Contracts on Hong Kong’s Hang Seng Index rose 0.1% earlier.FTSE China A50 futures gained 0.5%.The S&P 500 Index rose 0.7%.CurrenciesThe yen was at 109.75 per dollar.The offshore yuan strengthened 0.3% to 6.9871 per dollar.The euro dipped 0.3% to $1.0911.BondsThe yield on 10-year Treasuries decreased two basis points to 1.56%.CommoditiesWest Texas Intermediate crude fell 1.4% to $49.62 a barrel.Gold strengthened 0.2% to $1,572.96 an ounce.LME copper dipped 1.3% to $5,663 per metric ton.\--With assistance from Claire Ballentine and Vildana Hajric.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Nicholas ReynoldsFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asian-stocks-set-gain-open-214517439.html?.tsrc=rss
